Joint Credit

AAA

DEFINITION of 'Joint Credit'

Credit issued to two or more people based on their combined incomes, assets and credit histories. Joint credit can be issued to multiple individuals or organizations. The parties involved accept joint responsibility for repaying the debt.

INVESTOPEDIA EXPLAINS 'Joint Credit'

Many married couples apply for joint credit. This is especially true with the purchase of a home. Joint credit is an issue and concern in divorce proceedings, under which the terms may give one partner responsibility for certain debts and the other partner responsibility for other debts. It is possible that subsequent to the divorce proceedings, the former partners may still affect one another's credit.

RELATED TERMS
  1. Joint Tenants in Common - JTIC

    A type of brokerage account which is owned by at least two people ...
  2. Credit

    1. A contractual agreement in which a borrower receives something ...
  3. Joint Owned Property

    Any property held in the name of two or more parties. The two ...
  4. FICO Score

    A type of credit score that makes up a substantial portion of ...
  5. Joint Liability

    An obligation, including an obligation to repay a debt between ...
  6. Collection-Proof

    A debtor who doesn’t have any assets that a creditor can collect ...
RELATED FAQS
  1. Does marrying someone with bad credit affect my credit score?

    A credit rating is an assessment of an individual's creditworthiness. This evaluation is based on an individual's history ...
Related Articles
  1. Credit & Loans

    Getting Your Kids Their First Credit Card

    Putting some plastic in your children's wallets may actually help them - if you do it right.
  2. Personal Finance

    Understanding Your Mortgage

    We walk through the steps needed to secure the best loan to finance the purchase of your home.
  3. Options & Futures

    How To Establish A Credit History

    Can't get a credit card without a credit history, and can't get a history without a card? Break the Catch-22.
  4. Credit & Loans

    Is Your Teen Ready For A Credit Card?

    Find out how to determine whether your child is ready to handle this financial responsibility.
  5. Credit & Loans

    How to Challenge & Win A Credit Card Dispute

    Found an error on your credit card statement? Five strategies to persuade the card issuer to fix it in your favor.
  6. Personal Finance

    Understanding Credit

    Credit has three common meanings in the financial world.
  7. Credit & Loans

    5 Things Debt Collectors Can't Do To You

    You may owe money, but you still have rights. There's a long list of things debt collectors are banned from doing to you. Know what's illegal.
  8. Credit & Loans

    How To Beat Off A Zombie Debt Collector

    Sounds like a bad horror movie, but it really could happen to you. Here's how to identify zombie debt and send collectors back to the dead-debt graveyard.
  9. Credit & Loans

    Inside Secrets Of The Debt Collection Business

    Understanding how the debt collection business works will give you a better chance of coming out ahead if you ever have to tangle with a collection agent.
  10. Credit & Loans

    How To Push Back Against A Debt Collector

    Debt collectors can be professional or nasty beyond belief. Here's how to fight back – and what your rights and obligations are if one contacts you.

You May Also Like

Hot Definitions
  1. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
  2. Gordon Growth Model

    A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. ...
  3. Cost Accounting

    A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step ...
  4. Law Of Supply

    A microeconomic law stating that, all other factors being equal, as the price of a good or service increases, the quantity ...
  5. Investment Grade

    A rating that indicates that a municipal or corporate bond has a relatively low risk of default. Bond rating firms, such ...
  6. Fringe Benefits

    A collection of various benefits provided by an employer, which are exempt from taxation as long as certain conditions are ...
Trading Center